Great Park - District 5 North

[IHS3000]

Here is another future development in the Great Park Neighborhoods (near Portola High and the Wildlife Corridor). District 5 North consists of the following:

* 238 gross acres

* 1,637 market rate units (consists of 1,513 residential condos and 124 single family detached homes)

* Four private parks (13 acres)

* 143 affordable units (family apartments are near the Great Park’s Wildlife Corridor. The affordable units have their own recreation area or park # 5)

* K-8 school

* Child care center

* Multi-use properties (44,600 sq ft) - Maybe some retail?

* District 5 South plans are not out yet

Proposed Home Developments for District 5 North:

1. Townhome
2. Stacked Flats - 8 plex
3. Triplex
4. Rowtowns
5. Twin Towns
6. Corner Building
7. 26 x 67
8. 35 x 75
9. 35 x 80
10. 38 x 68
11. 70 x 65

Note: In District 5 North, over half of the new home developments  appear to be attached. The possible detached homes at District 5 North appear to be closer to the future golf course and the future Agua Chinon trail.

City Plans:

At this time, the city is still reviewing the District 5 North plans:

http://www.irvinequickrecords.com/sirepub/mobilemtgviewer.aspx?meetid=5637&doctype=Agenda

I believe District 5 North will start selling once Cadence Park sales inventory starts to dwindle.


Summary:

9,500 homes allowed at Great Park

“To date, 5,596 residential units have been entitled” (Pavilion, Beacon, Parasol, Cadence, Altair and Novel)

+

1,780 homes are proposed for District 5 North

Total: 7,376 entitled homes for Great Park (about 2,124 homes left for future entitlement at Base Camp, District 5 South and District 6)

[IHS3000]

Private park information (four parks) in District 5 are attached. Parks have multiple pools including an Olympic sized pool at park #2!

[IHS3000]

Proposed elevations and floor plans are now online for Great Park District 5 North which includes modern architecture and lots of floor plans with elevators.

Floor plans for future purchase have a range from 808 sq ft to 3,874 sq ft with one to five bedrooms.

Note: some of the city’s plans are PDF files which are over 20 mb, so it might be easier to view the floor plans on a tablet or computer.

http://www.irvinequickrecords.com/sirepub/mobilemtgviewer.aspx?meetid=5669&doctype=Agenda

[IHS3000]

Proposed elevations and floor plans are now online for Great Park District 5 North which includes modern architecture and lots of floor plans with elevators.

http://www.irvinequickrecords.com/sirepub/mobilemtgviewer.aspx?meetid=5669&doctype=Agenda

[B2FiNiTY]

Thanks, great info!

[IHS3000]

Updates on Great Park District 5:

https://seekingalpha.com/article/4248640-five-point-holdings-llc-fph-ceo-emile-haddad-q4-2018-results-earnings-call-transcript

From Fivepoint: “planned for seven products ranging from 1,500 to 4,200 square feet.”



https://www.ocbj.com/news/2019/mar/13/218m-land-deal-irvine/

“Five Point Holdings, LLC (NYSE: FPH) has sold an additional 41 acres of land at its Great Park Neighborhoods development in Irvine for about $218 million, the company announced Wednesday as part of its fourth quarter earnings report.

The sale involves two undisclosed builders, Irvine-based FivePoint officials said during a conference call.

Lennar Corp., an investor in both Five Point and the Great Park Neighborhoods development, appears to be one of the two builders.

The Miami-based builder, with large West Coast operations in Irvine, recently set up a land banking agreement for a forthcoming project in what’s referred to in city records as “District 5.”

Property records indicate Lennar’s deal is valued at about $121.5 million.

The latest Five Point sale represents an increase in land value when compared to the master developer’s last big sale at the Great Park Neighborhoods, made last year.

The $218 million sale is for land that will hold 518 homes, comprising seven different products. The deal works out to about $421,000 per home lot, and $5.3 million an acre.

Compare that to last year’s sale to William Lyon Homes, which paid $166 million for 33 acres, or $5 million per acre and about $310,000 per lot. That builder’s project, called Novel Park, is getting close to opening.

In addition to commercial development, the Great Park Neighborhoods land is entitled for about 9,500 homes, although recent negotiations with the city regarding affordable housing units could push that total past the 10,000-unit mark.

A little more than half of that land is either built or in the process of being developed...”

[USCTrojanCPA]

Thank you for posting the information IHS3000.